1
EXHIBIT 7.1
[TUBOSCOPE LETTERHEAD]
March 8, 2000
Via Fax (000) 000-0000
Xxxxx Xxxxxx Incorporated
0000 Xxxxx Xxxx, Xxxxx 0000
Xxxxxxx, XX 00000-0000
Attn: Xx. Xxxxxxx X. Xxxx
Re: Right of First Refusal - Sale of Share of Tuboscope Inc. ("Tuboscope")
by Xxxxx Xxxxxx Incorporated ("Xxxxx")
Dear Xxxx:
Further to our recent discussions, this letter will set forth our agreement
regarding the sale of Xxxxx'x shares.
Accordingly, Tuboscope and Xxxxx agree to waive the provisions of Section
8.11 of the October 1, 1991 "Agreement for the Purchase and Sale of Xxxxx
Xxxxxx Tubular Services Eastern Hemisphere Division by and between Tuboscope
Corporation and Xxxxx Xxxxxx Incorporated" (the Agreement) for a period of
thirty (30) days such that Xxxxx may, in addition to the shares previously sold
through March 7, 2000, sell up to 500,000 shares of Tuboscope stock within that
period without further agreement, approval, or waiver by Tuboscope. At the end
of thirty (30) days from this date, this Agreement will expire and the
provisions of Section 8.11 above will revert into effect.
If the above fully sets out our agreement, please so indicate by signing
below and returning one (1) signed counterpart of this duplicate original
letter to me.
Sincerely,
/s/ XXXXXX X. XXXXXXX
----------------------------
Xxxxxx X. Xxxxxxx
Executive Vice President and Chief Financial Officer
JCW/pw
Xxxxxx and accepted this the 8th day of March, 2000.
XXXXX XXXXXX INCORPORATED
/s/ XXXXXXX X. XXXX
----------------------------
Xxxxxxx X. Xxxx
Vice President and Treasurer
